what am i working on......my notes....because after a week end i forget everything and i mean everything. second entries. second entries are second legs. and so if the leg is weak then the first signal in the opposite direction may well be reversal signal.if it is strong leg then the first signal in the opposite direction may be only a corrective move. if you enter on a second signal and BO is weak then there will be a BO test of the first signal so a first signal stop should be used to know how many legs trade signals can be counted. if you can draw a trend line without any breaks then that means that is a channel and you can probably draw channel line on the opposite side. this channel line need not be parallel to the trend line channels are flags or corrections. usually there are 3 pushes in a channel... which are two legs and so should lead to a breakout test, which may be successful or not. lows are support high are resistances. a spike is one leg and channel is the weaker second leg....and a failed breakout of the channel line is usually a reversal signal. remember to find inside bars IF THERE IS A STRONG TREND if there is corrective move or a minor reversal, will that make the market attractive for the other side to fade the corrective move or the reversal move? on ranging days keep an eye on the ma. the second leg after the first leg should be comparable in size ....if it is smaller then one more leg may be necessary or hinted at so it will give a look like a wedge but is actually two legs... after two signals if the second signal fails, then this is the breakout test, which will ,if successful will lead to another breakout for two legs, again making it look like a 3 pushes or wedge but is actually only two legs. if the two legs is very strong and spike like then the third push or wedge will be weak and reverse and become a breakout test of the two legs. so after two legs expect a breakout test and then two legs after the test is successfull a failed break out from a channel line sometimes becomes a breakout PB so it is very important to wait for the signal that follows the failed breakout of channel line. and go with that signal markets break out ,pb , which is a test of the BO, and if the BO holds, then again break outs. or the break out test may fail and the pb may continue and become a BO in the opposite side. sometimes it BO pb then tests the previous high .....and then BO. this test of previous high or low is definite and you can get scalp. the market is doing this all the time and this is the only relevant PA. start trading with one lot only......scale up after min 1000 usd profit. make trades in one direction only ie either bull or bear. change direction only after evidence of reversal. trade reversal to reversal WARNING BROADENING TRIANGLES.....most dangerous market trick/pattern. can drain your account faster than a woman if you do not recognise them markets hammer out a bottom doji bars make bad signal bars.... but when they are in trend set ups in a strong trend they are good. big bars are trading ranges and so should be used as signal bars
what am i working on......my notes....because after a week end i forget everything and i mean everything. second entries. second entries are second legs. and so if the leg is weak then the first signal in the opposite direction may well be reversal signal.if it is strong leg then the first signal in the opposite direction may be only a corrective move. if you enter on a second signal and BO is weak then there will be a BO test of the first signal so a first signal stop should be used to know how many legs trade signals can be counted. if you can draw a trend line without any breaks then that means that is a channel and you can probably draw channel line on the opposite side. this channel line need not be parallel to the trend line channels are flags or corrections. usually there are 3 pushes in a channel... which are two legs and so should lead to a breakout test, which may be successful or not. lows are support high are resistances. a spike is one leg and channel is the weaker second leg....and a failed breakout of the channel line is usually a reversal signal. remember to find inside bars IF THERE IS A STRONG TREND if there is corrective move or a minor reversal, will that make the market attractive for the other side to fade the corrective move or the reversal move? on ranging days keep an eye on the ma. the second leg after the first leg should be comparable in size ....if it is smaller then one more leg may be necessary or hinted at so it will give a look like a wedge but is actually two legs... after two signals if the second signal fails, then this is the breakout test, which will ,if successful will lead to another breakout for two legs, again making it look like a 3 pushes or wedge but is actually only two legs. if the two legs is very strong and spike like then the third push or wedge will be weak and reverse and become a breakout test of the two legs. so after two legs expect a breakout test and then two legs after the test is successfull a failed break out from a channel line sometimes becomes a breakout PB so it is very important to wait for the signal that follows the failed breakout of channel line. and go with that signal markets break out ,pb , which is a test of the BO, and if the BO holds, then again break outs. or the break out test may fail and the pb may continue and become a BO in the opposite side. sometimes it BO pb then tests the previous high .....and then BO. this test of previous high or low is definite and you can get scalp. the market is doing this all the time and this is the only relevant PA. start trading with one lot only......scale up after min 1000 usd profit. make trades in one direction only ie either bull or bear. change direction only after evidence of reversal. trade reversal to reversal WARNING BROADENING TRIANGLES.....most dangerous market trick/pattern. can drain your account faster than a woman if you do not recognise them markets hammer out a bottom doji bars make bad signal bars.... but when they are in trend set ups in a strong trend they are good. big bars are trading ranges and so should be used as signal bars do not look for trades...wait for them to fall into the lap
You said you were bored and was looking for other pastimes like Cooking, to keep you occupied. I said why not look at other Gurus rather than wasting your time Cooking.
i made 35+16 scalps all wins I doubt if even Brooks can do that i should look in the mirror than waste my time looking at gurus
you must understand that i am not tradaing my money i am trading prop funds money. and you cannot swing with their rules..... you lose 2-4 swing trades and you fail. so looking at any gurus does not make sense because all gurus will say SWING NOT SCALP. including Brooks.He says you have to have a minimum of 70% win rate to break even in scalping. Scalping is the most difficult thing to do in trading
Hello padutrader, This is the BEST comment regarding trading you every made in your life. You are wasting ALL of your precious time trying to trade Al Brooks theories and concepts. Trade what you believe in.
he does not have original concepts.. he has just renamed traditional technical analysis in his own terms so i am NOT trading Brooks.....i am trading traditional TA. my logic is wait for buyers and then buy. wait for sellers and then sell. and scalp out nothing esoteric or complicated like Brooks.I cannot afford any loss...